Startup SG Grant Terms and Conditions
Two winners will each receive a S$50,000 Startup SG grant.
The prize is broken down into 3 components:
S$ 25,000 non-dilutive grant money
S$25,000 grant with an option to convert into equity at the next institutional fundraising, for which ESG will seek to exit at the subsequent qualified equity financing round.
An invitation to join SLINGSHOT 2019, held during SFF x SWITCH, in Singapore in November as a participant in the qualifying round of the competition. In order to be eligible to participate in SLINGSHOT 2019, winners will need to have completed all elements of the Competition application.
Development of milestones for the Startup SG grant winners will be jointly negotiated with Enterprise Singapore and L'Oréal. Confirmation of milestones and award of the grant should be within 6 months of the date of Competition.
Have a minimum viable product (MVP)
Show initial signs of traction
Must have some technology or proprietary solutions
Eligibility Criteria for Startup SG Grant
i. Dedicate a reasonable amount of their time on the business, not be employed full time by another employer and must be a key decision maker in the company;
ii. Register / have registered a private limited company in Singapore upon approval.
addition, the startup company would need to meet the following
i. Business activities run by the startup company should be conducted wholly or mainly in Singapore;
ii. The grant will be disbursed on an award basis, tied to the achievement of developmental milestones;
iii. Proposed business idea must not be in the following list: cafes, restaurants, night clubs, lounges, bars, foot reflexology, massage parlours, gambling, prostitution, social escort services, employment agencies (including recruiting foreign work permit holders and workers/ support staff, relocation services, and manpower services), and geomancy.
Competitions will therefore be open to the public including first-time and non-first-time entrepreneurs of any nationality.